The morning’s weakness in the Indian markets turned into strength till the close of the market on March 28. The Sensex was trading 231.29 points or 0.40 per cent higher at 57,593.49 and the Nifty was trading 69 points or 0.40 per cent higher at 17,222 at the close of the market.
The market started the week on a negative note and mixed global cues kept selling pressure in the first half of the day. However, the market recovered in the second half and managed to close near the day’s high.
Bharti Airtel, Coal India, Axis Bank, Eicher Motors and ICICI Bank (Bharti Airtel, Coal India, Axis Bank, Eicher Motors and ICICI Bank) saw gains in Nifty.
On the other hand, stocks like UPL, SBI Life Insurance, Nestle India, Dr Reddy’s Laboratories and HDFC (UPL, SBI Life Insurance, Nestle India, Dr Reddy’s Laboratories and HDFC) were the biggest losers.
Talking about sectoral indices, except Nifty IT and Pharma, all other indices closed in the green. The PSU Bank index rose 1 per cent. Nifty Bank, Auto and Metal indices rose 0.5%.
Tata Capital raises 955 crores for investment in pharma, healthcare sectors
Investment outlook for March 29 (Outlook for March 29)
Advice from Vinod Nair of Geojit Financial Services
This volatility in the market is visible due to the rise in commodity prices and the impending fall in earnings growth in the future. The prices of the products are increasing continuously and are expected to increase further, thereby impacting the demand and margins.
The weakness also increased due to uncertainties due to rising Covid cases, especially in China.
We can expect the end of hostilities between Russia and Ukraine to reduce volatility in commodity prices and ease supply constraints.
Sachin Gupta’s view of Choice Broking
The Nifty closed at 17,222 with a gain of 69 points, erasing the loss in the morning. Bank Nifty closed 0.85 percent higher at 35710.50.
Technically Nifty is forming a Bullish Hammer candlestick on the Daily chart. It also closed above the 50-day exponential moving average, indicating a positive move in the coming days.
Dealing Rooms Check: FIIs bought in 1 stock and DIIs in the other, brokerages also made buying
The MACD indicator suggests a positive crossover on the daily time frame. The index is finding support at 17,000, while resistance is seen at 17,450.
On the other hand, Bank Nifty is getting support at 35,200, while resistance is visible at 36,300 level.
Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in the market is subject to market risks. Always consult an expert before investing money as an investor. Money can be transferred from Moneycontrol to anyone. It is never advised to apply here.)
,